Thomas Daschle: “on an emergency basis we give the President the opportunity to deal directly with the crisis that we are facing right…”

“on an emergency basis we give the President the opportunity to deal directly with the crisis that we are facing right now in farm after farm, in rural community after rural community. It only goes into effect in case of an economic crisis. It gives the President the discretion to control the extreme and persistent income losses by lifting the loan caps and extending their terms this year only. This authority expires this time next year. Regardless of how my colleagues feel on lifting the caps, this measure would probably do more than any other I can think of in providing immediate help--immediate relief--to farmers who are the victims of the ``Harvest of despair''. I know a lot of my colleagues have said, ``Look, we don't want to get back into that. We have had those battles.'' I understand that. But I also understand, Mr. President, that we have very few options. And almost categorically when we talk to farmer organizations, and farmers themselves, they say, ``We have to have some other option than to force our grain on the market when it is this low. Give us an opportunity for some breathing space. Give us some room.'' So that is what we are doing. Wheat loan rates would increase 64 cents a bushel--from $2.58 to $3.22. Corn loan rates would increase 36 cents a bushel--from $1.89 to $2.25. Soybean rates would increase 7 cents a bushel--from $5.26 to $5.33. Keep in mind that we are talking about the 85 percent average over the last 5 years.…”